UBS is buying Credit Suisse for around $3.25 billion to calm the turmoil.

Credit Suisse croyais

Banking giant UBS has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal worth $3.25 billion, after Swiss authorities pushed for a takeover to avoid further market-shaking turmoil in the global banking system. The deal comes after Credit Suisse lost the trust of investors and customers due to a “material weakness” in its bookkeeping and amid fears about weaker financial institutions as interest rates soar. UBS’s acquisition will reinforce its position as the world’s leading wealth manager and generate significant cost savings.